(MENAFN) Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has announced its financial results for the six-month period ending June 30, 2024. The net profit attributable to the shareholders of the bank amounted to QR2,065 million for this period, reflecting a growth of 5.6 percent compared to the same period in 2023.

The basic earnings per share for the six-month period ended June 30, 2024, were QR0.87, up from QR0.83 for the same period in the previous year. In light of these positive results, the QIB Board of Directors has authorized the distribution of an interim cash dividend of QR0.25 per share, representing 25 percent of the nominal share value. This dividend will be payable to eligible shareholders as of the close of trading on July 25, 2024.

As of June 30, 2024, QIB's total assets stood at QR192.3 billion, indicating a growth of 1.7 percent compared to QR189.2 billion as of December 31, 2023, and a 4.9 percent increase compared to June 30, 2023. The primary drivers of this asset growth were financing and investing activities. Financing assets reached QR126.9 billion, growing by 3.7 percent compared to December 2023 and up by 6.1 percent compared to June 2023. Investment securities amounted to QR49.3 billion, marking a 2.7 percent increase from December 2023 and a 3.1 percent growth compared to June 2023. Customer deposits were QR122.7 billion as of June 30, 2024, showing a 1.6 percent increase compared to December 2023 and a 5 percent rise from June 2023. The bank's finance-to-deposit ratio was 103 percent as of June 30, 2024, one of the lowest among its peer banks in Qatar, indicating a strong and stable liquidity position.

QIB reported a total income of QR5,662 million for the six-month period ended June 30, 2024, compared to QR5,038 million for the same period in 2023, registering a robust growth of 12.4 percent. The net income from financing and investing activities grew significantly by 13.5 percent, reaching QR5,179 million for the six months ended June 30, 2024, up from QR4,563 million for the same period in the previous year. This performance underscores QIB’s strong operational capabilities and its commitment to delivering value to its shareholders.

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